He will be replaced at the helm of the £598m M&G UK Select Fund by Sam Ford, who is stepping up from his deputy manager role on M&G’s Dividend and Extra Income funds.
Ford’s appointment will take effect from 1 January 2017 subject to internal approvals. Until the end of the year, the fund will be managed by co-deputy managers Garfield Kiff and Rory Alexander.
There is no change to the objective of the fund; which targets longer term growth through investment in a concentrated portfolio of UK companies.
M&G said Ford brings an investment approach to the UK Select Fund which emphasises the selection of companies with ‘sustainable competitive advantages’ that have the opportunity to re-invest capital at high rates of return.
“Since Sam joined M&G in 2014, he has quickly made his mark as an astute investor and I am confident that he will do a good job for our customers in managing the UK Select Fund,” said Graham Mason, chief investment officer for M&G equities, multi-asset, retail fixed interest. “I would like to thank Mike for his outstanding contribution over the past 11 years at M&G and wish him the best for the future.”